…says exercise followed NIIRA law
The National Insurance Commission (NAICOM) has rejected allegations of a N100 billion fraud linked to Nigeria’s recently concluded insurance industry recapitalisation, describing the claims as false and capable of damaging confidence in a sector undergoing its biggest financial restructuring in years.
The regulator said the publication alleging that the Commissioner for Insurance and a NAICOM director were detained by the Economic and Financial Crimes Commission (EFCC) over the recapitalisation exercise was a deliberate misrepresentation of facts.
In a rejoinder issued on Thursday, NAICOM said the report, published on September 9, 2026, was sponsored by promoters of NICON Insurance Plc and Nigeria Reinsurance Corporation, companies currently under liquidation.
The Commission said the recapitalisation was conducted in accordance with the Nigerian Insurance Industry Reform Act (NIIRA) 2025 and guidelines issued by the regulator, with the primary objective of strengthening insurers’ capital base, solvency and capacity to absorb risks.
